Nygard Acquires Times Square Property
Canadian manufacturer Nygard has acquired a six-story office building in New York’s Times Square, where the company plans to locate its world headquarters. The property is located at 1435 Broadway.
Nygard signed a 25-year lease for the building, which totals about 20,000 square feet and will house around 70 employees. The company is investing about $4 million to renovate the building. The total deal is valued at $25 million, said company officials.
The building will house sales rooms, design studios and showrooms. Renovations are expected to be completed sometime next year. The company isn’t abandoning its Canadian roots. It is planning an $80-million Nygard Village housing project near its Winnipeg manufacturing base, where it employs about 900 people at two factories and a distribution center.
In 2002, it opened a state-of-the-art distribution center in the Los Angeles suburb of Gardena. —Robert McAllister
